As a CERTIFIED FINANCIAL PLANNERTM and someone guided by Christian beliefs, finding the balance between financial strategies and moral principles can be challenging. Consider the tension between growth and greed or savings versus hoarding—it’s a real struggle.
One often overlooked area is Long-Term Care (LTC). Over my 26-year career in financial services, I’ve witnessed significant changes in LTC products. The truth is, everyone has some form of LTC plan, but its quality may vary.
Reflecting on past experiences, I recall a professor from NC State who purchased a modest LTC plan for him and his wife in 1995. Sadly, his wife passed away soon after. Initially, he questioned keeping the plan, but later, when he faced his own health challenges, it provided invaluable support. Similarly, my father benefited from a small home healthcare plan during his final days, enabling him to stay at home with my mom.
These experiences have shaped my view on LTC, igniting a passion to assist clients in retirement. The statistics are sobering: over half of individuals turning 65 will require LTC at some point, with costs averaging tens of thousands annually.
Thankfully, there are affordable options available today, from traditional LTC plans to life insurance policies with LTC riders. Medicare doesn’t cover LTC, and Medicaid assistance typically comes after exhausting most assets.
My aim is to help you navigate these options, ensuring you’re well-equipped to make informed decisions. Let’s be good stewards of our resources, understanding the significance of planning for LTC needs. Feel free to visit my office or attend one of my seminars for more insights.